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Matt Bruno, founder and general manager of ReSource Pro, left his job working for a New York City-based insurance program shortly after the World Trade Center bombing and arrived in China. Initially he planned to teach English, but soon the entrepreneurial spirit of the country caused him to begin exploring opportunities. He returned to New York and talked his former boss into allowing him to start a back-office services firm for their insurance company clients, which grew into ReSource Pro. By year-end 2007, ReSource Pro employed 250 people, of whom only 4 were U.S.-based. With aggressive growth plans, Bruno began examining potential cities in China for expansion. After narrowing his list of potential expansion sites to the five Chinese cities of Chengdu (the capital of Sichuan Province), Jinan (capital of Shandong Province), Nanjing (capital of Jiangsu Province), Suzhou (Jiangsu), and Wuhan (capital of Hubei Province), he now had to make a final choice.

The concept of insurance was introduced to China in the early nineteenth century by Westerners trading in Guangzhou and practised essentially among them. We argue that indigenization of insurance, in particular life insurance, was a slow process that stretched from the mid-nineteenth century to the mid-twentieth. The establishment of the People's Republic in 1949, with a decided turn against foreign enterprises operating in China from the 1950s, and radical communism from the late 1960s through the 1970s, led to its eradication. It was revived from the reversal of the state's policy towards private business from late 1978, and has grown rapidly since. While insurance as a concept and product has been a big success in post-reform China, the growth of the industry has created strong domestic competition with foreign insurance companies still struggling to find their place. However, changes in the industry are also due to China's economic transformation, demographic changes due to an aging population and an economic agenda shaped by the state. As our chapter demonstrates, insurance companies and the fate of multinational competition will remain part of the state-driven agenda for the foreseeable future.